📉 Nike (NKE) - Monthly Chart Setup | High-Conviction Support Zone
Nike has officially broken down into a major multi-year support zone last seen in 2017–2018. This area has previously acted as a strong base before the massive run-up to ATHs, and we’re now seeing price re-enter and potentially bottom out in this same zone.
🔍 Key Observations:
Price is currently hovering near the $55–$65 demand zone, marked by previous structural support.
Bullish wick shows demand kicking in after a breakdown.
Indicators are oversold:
RSI around 31, near bounce territory.
Stoch RSI crossed to the upside from deeply oversold.
MACD histogram still bearish, but early signs of momentum loss.
📌 Base Case: Expecting some sideways accumulation within this zone, followed by a potential breakout retest toward the $80–$90 range if momentum builds.
📥 I'm slowly accumulating here on a 2-week basis while price remains within this support region.
⛔️ Invalid if monthly closes under $50 with no demand reaction.
Nike has officially broken down into a major multi-year support zone last seen in 2017–2018. This area has previously acted as a strong base before the massive run-up to ATHs, and we’re now seeing price re-enter and potentially bottom out in this same zone.
🔍 Key Observations:
Price is currently hovering near the $55–$65 demand zone, marked by previous structural support.
Bullish wick shows demand kicking in after a breakdown.
Indicators are oversold:
RSI around 31, near bounce territory.
Stoch RSI crossed to the upside from deeply oversold.
MACD histogram still bearish, but early signs of momentum loss.
📌 Base Case: Expecting some sideways accumulation within this zone, followed by a potential breakout retest toward the $80–$90 range if momentum builds.
📥 I'm slowly accumulating here on a 2-week basis while price remains within this support region.
⛔️ Invalid if monthly closes under $50 with no demand reaction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.